28.10.02

28.10.2002: Meldung: Hydrogenics Secures Two New Contract

Hydrogenics Secures Two New Contract Wins Totaling $1.5 Million

TORONTO, Oct. 25 / Hydrogenics Corporation (Nasdaq: HYGS - News; Toronto: HYG - News), a designer and manufacturer of proton exchange membrane (PEM) fuel cell technology, today announced that Hydrogenics received a first-time order from European Fuel Cell (EFC) GmbH for multiple fully-featured FCATS H-Series systems and reformer test systems. These test systems will support EFC"s development work in natural gas-fuelled combined heat and power (CHP) Home Energy Systems at their research and development facility in Hamburg, Germany. Hydrogenics also announced that it has received an order for multiple test systems from a significant fuel cell materials developer. The combined value of these orders is approximately $US 1.5 million.

"We are pleased with these new test equipment sales because they touch on both ends of the commercialization spectrum - the consumer market at one end and fuel cell material advances at the other," comments Pierre Rivard, President and CEO of Hydrogenics. "Also we are gratified because we know that it was the competitive edge of our FCATS products and services that won us these contracts. We see this as validation of the new-generation FCATS advancements that Hydrogenics" introduced earlier this year. In the capable hands of such fuel cell technology leaders our FCATS are recognized as a valuable enabling tool which can lead to the kind of breakthroughs that the fuel cell industry needs to improve reliability, decrease costs and, ultimately, penetrate profitable markets."

Hydrogenics provides clarification on China activities

The Company would like to clarify certain errors in recent articles in the Wall Street Journal Online and Forbes.com about the nature and scope of its China activities. To date, Hydrogenics" business in China is limited to the sale of FCATS test systems as disclosed by the Company"s press release on September 13, 2002. The Company advises that it has not received an order for fuel cell modules in China, nor has it signed an alliance or agreement to deliver fuel cell power modules for the Beijing Olympics.

About Hydrogenics

Hydrogenics Corporation (http://www.hydrogenics.com) is dedicated to the design and development of commercial PEM fuel cell systems for transportation, stationary and portable power applications. With its first commercial product line of fully integrated fuel cell test systems, the Company has established a leadership position in fuel cell balance-of-plant and operating system technology. The knowledge, expertise, and relationships that Hydrogenics has established from this early R&D product market are providing the foundation for the development and manufacture of fuel cell power modules and fully integrated power generators. Hydrogenics" 95,000 square foot headquarters and R&D facility is located in Mississauga, Ontario, Canada. The Company also has Asia-Pacific operations in Tokyo, Japan, a facility in up state New York, and European operations based in Gelsenkirchen, Germany. Hydrogenics is a member of the GM alliance of fuel cell commercialization companies.

This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Law of 1995. These statements are based on management"s current expectations or changes in the competitive environment adversely affecting the products, markets, revenues or margins of Hydrogenics" business. Readers should not place undue reliance on Hydrogenics" forward-looking statements. Investors are encouraged to review the section captioned "Risk Factors" in Hydrogenics" Form 20F filed with the Securities and Exchange Commission on June 26, 2002 for a more complete discussion of factors that could affect Hydrogenics" future performance. Hydrogenics undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Source: Hydrogenics Corporation
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